Businesses come in all shapes and sizes, and this means they don’t all face the same types or levels of risk. Trades businesses for instance carry specific risks that other types of businesses may not, or at least not to the same degree.

This means tradespeople need to secure insurance cover that accurately matches the risks their particular business faces.

Some of the risks faced by tradies include:

  • Lost, damaged or stolen tools – any experienced tradie will know how costly tools can be, and how hard it can be to do a job properly without the right tools on hand.
  • Portable equipment damage – being out on the road often means needing to take electronic equipment with you. This may increase the risk of its loss or damage, at least compared to leaving it locked up back at home or the office.
  • Accidents and injuries – according to SafeWork Australia, some of the highest levels of construction workplace injuries come from falls, electrocution, vehicle collisions, and being hit by moving or falling objects.

While it’s up to trades business owners to be aware of and manage their own risks, even the most vigilant business may at times suffer losses such as stolen equipment or injuries from slips or falls. This makes it vital to have the right insurance cover in place for ongoing financial protection.